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WPG Resources Elects New CEO

WPG Resources (ASX: WPG) has appointed current chief operating officer Martin Jacobsen to the newly created position of chief executive officer.

Jacobsen, who has been with WPG for five years, has more than 35 years experience in corporate/executive, technical and operational positions in Australia and internationally.

Prior to joining WPG in 2007, Jacobsen was vice president operations with Golden China Resources, a gold mining and exploration company with project assets in China.

At WPG, Jacobsen was responsible for the development of the company's previous South Australian iron ore projects, including the flagship iron ore project at Peculiar Knob which was sold to OneSteel in October last year for about $320 million.

Bob Duffin, executive chairman, commented on the appointment:

"As stated at the end of last year after the sale of iron ore assets to OneSteel, our aim was to keep our team together with all its skills and knowledge honed over the last few years - and to quickly identify new projects for us to take forward to recreate the shareholder opportunity and value WPG successfully generated.

"In the first few months of this year we have established a new iron ore project with drilling already underway, have also announced our entry into a potash project, and are well positioned with our coal assets.

In January this year WPG solidified its re-entry into the iron ore market, signing an agreement with Brisbane-based Maosen Australia for the iron ore rights covering EL 3945 at Giffen Well.

The geological setting of the project bears similarities to that at OneSteel's (ASX: OST) Peculiar Knob iron ore project, where high grade massive hematite is located adjacent to Hiltaba aplite and granite in the footwall.

A defining factor of the project is that these contact zones have the potential for the discovery of direct shipping ore haematite orebodies such as that at Peculiar Knob and Buzzard at Hawks Nest.

The company had been trying to get access to Giffen Well since 2008, with executive chairman Bob Duffin telling Proactive Investors that it is a first class prospect.